At end-March 2002, broad money (M2) came in at ROL 275,326 billion, up 3.1 per cent in nominal terms (2.7 per cent in real terms) against the previous month. The increase in broad money resulted from the growth in both of its counterparts.
Net foreign assets grew by 1.8 percent to ROL 172,353 billion, due to the 2.2 per cent climb under "Convertible currencies" and the broadly unchanged "Gold" component. The "Convertible currencies" component went up on the back of the net foreign exchange purchases by the central bank from the forex market.
Net domestic assets moved 5.2 per cent higher to ROL 102,973 billion. Domestic credit added 4.4 per cent to ROL 155,234 billion, while the negative balance under other assets, net widened by 2.7 per cent.
In March, non-government credit moved ahead 4.9 percent (6 per cent real increase in the first three months of the year) to ROL 130,237 billion on the back of rises in both ROL and foreign-exchange-denominated loans, by 3.4 per cent and 4.9 per cent respectively. When expressed in ROL, the latter expanded by 5.9 per cent.
Government credit, net rose 1.7 per cent (to ROL 24,997 billion) as a result of the following developments: (i) the rise in deposits of the General Account of Treasury with the National Bank of Romania; (ii) the fall in foreign-exchange deposits of the Ministry of Public Finance with the National Bank of Romania.
Narrow money (M1) added 2.6 per cent to ROL 55,881 billion, as a result of the 3.1 per cent increase in currency outside banks (to ROL 33,416 billion) and the 1.8 per cent growth in demand deposits (to ROL 22,466 billion).
Quasi-money stood 3.2 per cent higher at ROL 219,445 billion.
Household savings climbed 3.9 per cent to ROL 70,378 billion, accounting for 25.6 per cent of broad money against 25.4 percent at end-February, while government securities outstanding with households picked up 3.9 per cent to ROL 17,512 billion. Foreign-exchange deposits of households (when expressed in USD) inched up 0.7 per cent, to the equivalent of USD 1,804 million, while the volume of foreign-exchange government securities outstanding with households dipped by 17.8 per cent to the equivalent of USD 97 million.
Corporate deposits in ROL moved 8.2 per cent higher to ROL 31,487 billion. Time deposits stepped up 10.4 per cent to ROL 19,273 billion, restricted deposits advanced 1.5 percent to ROL 5,757 billion, and certificates of deposit went up 8.4 percent to ROL 6,456 billion.
Forex deposits of residents (including households) expressed in ROL rose 1.6 per cent to ROL 117,580 billion (when expressed in USD, forex deposits inched up 0.7 per cent to USD 3,575 million).
At end-March, non-banks held government securities worth ROL 38,369 billion (up 3.5 per cent against February). Foreign-exchange government securities outstanding with non-banks amounted to the equivalent of USD 150.2 million, down 12.9 per cent versus February.